i3 Consulting
Insurance
Insurance
The Insurance industry is one of the most analytically run businesses that ensure pooling of risks not only results in loss coverage for an unfortunate few, but also results in risk intermediaries making profits out of the business. At i3C, we bring our global experience and implementation of best practices for driving profitable growth for business. Some of the areas that we help our insurance clients with are:

Be it developing a long term strategy for business or management of customer lifetime value to new product launch, i3C works closely with its clients in delivering substantial and sustainable improvement in their performance. Our team of experts provides advisory services on majority of areas in Life Insurance, General Insurance, Reinsurance and Securitization transactions related modeling.

Some of the areas that we help our insurance clients with are:
  • Sales and Marketing
  • Risk Management

Insurance industry is so sensitive to risk of its customers that any unforeseen event can easily destabilize the sustainability of a company and can threaten its survival. It is hence imperative to understand the nature of risk before underwriting. It also needs to cede risk that ensures profitability for the company while maintaining solvency in business. Our risk management experts work closely with our client teams to make the organizational practices world-class in the following areas:

The focus of managing customer lifecycle is to assess and maximize the profitability of the portfolio.

  • Develop underwriting models for various lines of business
  • Develop pricing models for various lines of business
  • Redesign process and provide IT enablers for quick decision making
  • Fraud Management

    One of the challenges faced by the insurance companies is fraudulent claims. They not only increase the cost of claims processing, they also result in dissatisfaction of the customers in terms of increased processing time. Our team of professionals have experience of developing a sound strategy of managing fraudulent claims. The strategies developed can be coded onto IT systems to achieve automation and further the benefits of optimized fraud management.

  • New Product Development

    The ever evolving consumer needs, new consumer segments, changing environment necessitates insurance companies to identify new and innovative ways of addressing consumer needs through new product development. Our team of experts, who have rich experience of data mining and application of advanced techniques like simulating losses, help the risk managers assess the riskiness of the portfolio to be underwritten.

  • Optimize Capital and RAROC

    Insurance companies cede risks to reinsurers to ensure that they pass on excessive losses / losses that they do not have capability in underwriting to the reinsurer. While the risk gets shared, so does the premium income. We work with insurance companies to make them better understand the risk classes and overall portfolio risk. Our engagement will help you in better understanding and management of economic capital. It will also help you to better understand the pricing of reinsurance, thus resulting in higher profits for the business.

  • Insurance – Data Management

    Data becomes the corner stone of any sound analytical program. Imagine ease of a salesman if he exactly knows the individual’s need while selling or the ease of a risk manager to underwrite an individual’s application if he has good clarity on risk. All of this can be achieved by developing sound databases that have clean, standardized and validated data that businesses can use with ease and confidence. Our data management experts help across the lifecycle of data management – i.e. ways of creating base cleansed and deduplicated customer databases to a sound CLM data mart that can even predict customer’s lifetime value.

Insurance market is facing a fierce competition globally. Delivering optimal results by making an organization market centric has become the theme that majority of the insurance companies try to optimize. i3C with its proven expertise in managing similar situations helps insurance companies in the following areas:

  • Market Strategy

    For developing any successful market strategy, an insurance company will need to understand the market and its customers better. Our team has experience of working with companies in developing fact-based strategy. Our team has consistently received accolades from the clients by providing them cutting-edge insights and then converting them into a sustainable market strategy for the company.

  • New Product Design

    The ever evolving consumer needs, new consumer segments, changing environment necessitates insurance companies to identify new and innovative ways of addressing consumer needs through new product development. Our marketing analytics experts use the consumer insights, apply advanced analytical techniques like conjoint, consumer segmentation etc., and work along with the client understanding the unsatisfied needs of the customers and convert them into the design of a new product.

  • Customer Value Management

    Customer remains the reason for the company to exist. The business growth and profitability is centered on effective strategies of customer lifecycle management (CLM) and derive maximum value for itself. Our advisory to our clients is driven by our understanding of business fundamentals of evolving insurance needs with customer lifecycle stages along with actionable insights derived from mining customers’ data.

  • Sales and Distribution

    Our team of analytics experts can help our clients collaborate better with their channel partners and help them better penetrate insurance products amongst their customer base. Our knowledge of developing bancassurance cross sell models coupled with experience of working with scarce data to generate customers’ insights helps the insurance companies grow faster at a minimal cost.

  • Customer Experience Management

    Customer experience remains the cornerstone of any successful company. It is only satisfied customers that make a company sustain itself and grow. With insurance companies having renewed focus on customer experience, we help in assessing all the drivers that can bring customer delight and then work along with the client in achieving those. It could entail any specific program like process redesign of underwriting / claims processing, sales force stimulation or product redesign. Objective of this exercise will always have a clear focus of profitably providing consistent consumer delight at every touch point of the insurance company.

  • Optimize Marketing Mix

    Every company spends millions of dollars on executing ATL and BTL campaigns. One of the questions that always crosses the mind of a business manager is – “I have spent so much money doing this campaign, what has this resulted in as far as my business is concerned”. We try to demystify this exact notion through our tool kit of marketing mix. Our approach combines traditional market research with some of the advanced analytical applications to provide deep insights to our clients. We also create market mix optimizers for our clients that provide optimal marketing mix for any marketing objective. This ensures institutionalization of capability that we develop along with our clients in a short period of time.

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